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Metal stocks slide as Nifty Metal index snaps winning streak
Metal stocks declined sharply as global price weakness, China demand worries, and profit booking pulled the Nifty Metal index lower.
Metal stocks including Hindustan Copper and NALCO fell up to 10% as the Nifty Metal index snapped a three-day winning streak. Selling pressure emerged after global metal prices softened and profit booking intensified. Weak cues from China, concerns over demand recovery, and a stronger dollar weighed on sentiment, dragging most base metal producers lower in Monday’s trade amid cautious outlooks from brokers across domestic markets.